Three key features of the post-COVID economy

The post- COVID economy in OECD countries will have three key features that are important to analyse. 1. The crisis is generating irreversibilities due to changes in behaviour and opinions: shift in the sectoral structure of the economy due to lasting changes in spending behaviour; acceleration of the energy transition; strong calls for an upward adjustment of low wages. 2. The crisis is increasing inequality: first, companies are trying to restore their profitability, leading to small wage increases and increased offshoring; second, the expansionary monetary policies will bring about a major increase in wealth. 3. The crisis is increasing the economy's heterogeneity, between suffering and expanding economic sectors , between protected and unprotected employees, between regions. To be effective, economic policies must therefore be decentralised and not comprehensive.